frequently asked questions: remote deposit capture
What is remote deposit capture and what do I need to get started?
Remote deposit capture allows businesses to capture checks at their business location and then transmit data and the check images electronically to their financial institution for posting and clearing without any need for physical transportation. All that is needed is a PC, Internet connection and scanning device.
What prompted the creation of remote deposit capture?
The foundation for remote deposit capture was established as a direct result of the tragic events of 9/11. Much of the financial world experienced suspensions and delays, due to the lack of air transportation following the incident, which prompted the creation of Check 21.
Passed in October 2003 and implemented on October 28, 2004, this legislation made remote deposit capture possible by allowing banks to create and send digital images of paper checks, instead of transporting the original check from bank to bank to complete the check clearing process.
What are the benefits of remote deposit capture?
With remote deposit capture you can process and deposit checks and payments electronically while accelerating funds availability, improving fraud detection and enhancing labor efficiencies. Reduced trips to the bank, streamlined operations, expedited funds availability, minimized risk of fraud and simplified bookkeeping are just a few of the many benefits you will realize.
How does remote deposit capture expedite funds availability?
By eliminating the physical transportation of checks, your customers’ checks clear faster and fraudulent checks are identified sooner. The ability to make deposits at any time enables faster collection and improves cash flow.
Can a check be scanned and deposited twice?
The solution has sophisticated duplicate detection technology that alerts you if you send the same check through twice and prompts you to make a decision about the item in question.
Do I have to go through a lot of training to learn to use remote deposit capture?
There are no time-consuming classes or complicated instruction manuals associated with learning to install and use remote deposit capture. You’ll be up and running in no time thanks to our installation wizards and Web-based training features. Set-up takes a matter of minutes, and with training and support just a click away, you’ll feel confident and comfortable using the solution right from the start.
Can my deposit information be transferred directly to my receivables software?
Yes! remote deposit capture offers integration capabilities to your accounts receivable system, saving you time on manual updates and providing quick and effective reconciling with fewer errors.
How secure is remote deposit capture?
Remote deposit capture features multiple security levels and controls, making the process actually safer than physically transporting the checks to the bank.
How late in the day can I make a deposit and still get same day credit?
The cut-off time for same day deposits is 7:00 pm EST which excludes weekends and holidays.